Phong Le, CEO of Strategy (MSTR), breaks down why the market assigns a premium to Bitcoin treasury companies — and why it’s not “alchemy.” In this deep dive, he compares MSTR’s valuation to traditional companies like Morgan Stanley and tech innovators like Microsoft, arguing that Bitcoin treasury companies deserve similar growth-based multiples.

Phong walks through how NAV (Net Asset Value) multiples apply to bitcoin gains, why bitcoin on the balance sheet is a strategic edge, and how early tech valuation frameworks mirror what’s now happening in Bitcoin finance.

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